Sat, Mar 03, 2018 - Page 11 News List

FSC assessing Chinese incentives

By Ted Chen  /  Staff reporter

The Financial Supervisory Commission (FSC) on Thursday said that it was too early to gauge the effects of China’s “gift package” to Taiwan’s financial sector.

China’s Taiwan Affairs Office (TAO) on Wednesday outlined 31 incentives to promote cross-strait economic and cultural exchanges and cooperation, including three targeted at the financial sector.

The TAO said the changes would pave the way for greater collaboration between Taiwanese financial institutions and retailers and their Chinese counterparts, as well as make it more convenient for Taiwanese to use mobile payment systems for microtransactions in China.

Beijing is to allow collaboration between Taiwanese and Chinese credit agencies to better serve lenders and investors on both sides of the Taiwan Strait, the TAO said, adding that Taiwanese banks would be able to work with their Chinese peers on lending opportunities.

As details on the incentives remain unclear, the commission said it needs more time to assess the terms.

Items such as mobile payments and syndicated loans are already part of cross-strait negotiations, it said, warning that the sharing of credit information could create privacy concerns.

While communication with its Chinese counterparts remains smooth, the commission urged Beijing to continue efforts to promote collaboration under the terms specified by memorandums of understanding inked in 2009 and 2010.

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